Statoil Makes $4.4B Brigham Buy With Vinson & Elkins Aid

Law360, New York (October 17, 2011, 2:37 PM EDT) -- Norwegian oil and gas giant Statoil ASA on Monday staked its claim to major natural gas deposits in North Dakota and Montana with a $4.4 billion purchase of Brigham Exploration Co.

Brigham shareholders will receive $36.50 for each share of the company's stock, an approximately 36 percent premium over Brigham's average closing price for the previous 30 days, Statoil said.

Adding Brigham will give Statoil access to the Bakken and Three Forks tight oil plays in the Williston Basin in North Dakota and Montana. The 375,000-acre...
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